Chinese locked out of Australian property market

  • Australian actress Cate Blanchett wanted to sell her home on Sydney’s waterfront. The buyer who wanted it was from China. The trouble started right there.

    Getting the money out of China proved impossible. The AU$20 million ($21m) price tag was far more than the maximum of US$50,000 ($70,130) that Chinese citizens are allowed to convert each year, due to capital controls. The would-be buyer couldn’t settle and the deal fell apart.

READ MORE VIA CHINCHILLA NEWS

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The rules are different if you’re a foreigner

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